Binance makes an investment in PancakeSwap's utility token CAKE.

Binance, the world's largest cryptocurrency exchange, announced early today, June 6, 2022, that it has invested in PancakeSwap's utility and governance token, CAKE.

Binance Labs, the exchange's venture capital and incubation arm, made this investment package. The investment supports their mission of encouraging the next wave of global blockchain adoption.

Binance Labs frequently supports viable blockchain entrepreneurs, startups, and communities that have a positive impact on the crypto space. They accomplish this through the provision of necessary financing, technology development, marketing and community support, and Web3 enterprise solutions.

Binance Labs' spokesperson stated:

PancakeSwap has been leading the development and mass adoption of BNB Chain. Given that PancakeSwap is the most widely used dApp and the Defi project with the highest TVL on BNB Chain, we have and will continue to provide strong support for the project.

PancakeSwap is a Binance Smart Chain-based decentralized exchange (DEX). It operates on an automated market maker (AMM) model, allowing users to trade, swap, and stake BEP-20 tokens. The DEX will be available in September 2020.

It has since grown to be the largest decentralized application (dApp) on the BNB Chain, with over 400,000 daily active users. PancakeSwap currently has a decentralized NFT marketplace powered by BNB.

Since its inception in 2020, the Binance Smart Chain (BSC) has processed over 3 billion transactions from 163 million unique addresses. The BSC ecosystem currently has over 1,300 active dApps in various categories. It includes Defi, Metaverse, blockchain games, NFT, and other technologies.